News Column

Pesapoint U.S Stakes With Agent Network

June 23, 2014

PesaPoint Ltd, a shared banking infrastructure provider, has said it will roll out at least 1,200 agents countrywide, upping the stakes in mobile money and agency banking.

It said the agency model will work just as its ATM network which offers bank customers access to their money with Visa-enabled cards where their banks' ATM machines are unavailable. Mobile money users can also withdraw cash from PesaPoint ATMs.

"The agent network will provide cash-in and cash-out services to subscribers of any mobile money service, enable cash withdrawal for debit cards issued by banks in Kenya and at the same time vend airtime, micro-insurance and power tokens," PesaPoint Agent Network CEO Frederik Eijkman said in a statement.

PesaPoint, a member of the payment solutions provider Paynet Group, said its agency network will also offer partner banks a branding and advertising platform to announce services.

The PesaPoint agents will battle out with agents for telecoms as well as those of commercial banks as they straddle both turfs. If successful however, they will save some of the banks from having to roll out their own agents and instead stick with the arrangement as with ATM infrastructure.

Latest Central Bank data show that 11 commercial banks had contracted 18,082 agents as at March 31. These have facilitated 48.4 million transactions with a value of Sh250.1 billion.

According to the Communications Commission of Kenya, the number of mobile money transfer agents in the country stood at 93,689 as at December 31, increasing by 14.5 per cent over the previous year.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters